British Horseracing Authority Chairman Paul Roy reacted today to the announcement by the Minister for Sport Gerry Sutcliffe regarding the sale of the Tote.
“Today’s announcement that the Racing Consortium’s bid has been rejected formally is no surprise. However, it always seemed to me that their proposal, which was submitted back in October, was a realistic one, which reflected the softening in the financial markets since Government’s initial valuation. This turmoil has only continued in the last six months.
“That said, we welcome the reinforcement of the Government’s commitment to Racing of half of the net proceeds from any sale of the Tote on the open market. We will be assessing options as to how this can happen for the benefit of the whole of Racing.
“But this cannot be the end of the debate about Racing’s involvement in the future of the Tote, not least because of all that it means to the sport. We will of course now be considering how best to engage in the open market sale process.
“A key consideration during any negotiations must be the protection and enhancement of the Tote’s annual contribution to Racing. Anyone wanting to make the most of the Tote will have to have Racing on their side.”
5th March 2008